Sienna Senior Living Inc. · TSX:SIA
Sienna Senior Living — Q1 2024 Earnings Presentation
16 slides from Sienna Senior Living's earnings presentation, May 10, 2024
Slide 1: Q1 2024 Conference Call
Q1 2024 Conference Call May 10, 2024
Slide 2: Cautionary Note
Cautionary Note Certain information in this presentation may contain forward-looking information. Actual results could differ materially from conclusions, forecasts or projections in the forward-looking information, and certain material factors or assumptions were applied in drawing conclusions or m
Slide 3: Presenters
Presenters Nitin Jain Chief Executive Officer, President & Director David Hung Chief Financial Officer & Executive Vice President
Slide 4: Off to a Great Start in 2024
Off to a Great Start in 2024 Projected Population Growth of 85+ Age Group in Canada +33% We are grateful to the +25% Governments of Ontario 1.65 Million +15% 85+ Population and British Columbia, who 1.25 Million continue to prioritize 1.0 Million 0.86 Million seniors and the growing need for long-te
Slide 5: Making Progress in Closing the Gap in Long-Term Care
Making Progress in Closing the Gap in Long-Term Care Occupancy exceeding 97% Increased revenues from preferred accommodations Reduced agency staffing costs Significant one-time government funding from both the Ontario and British Columbia Governments $27.6M Q1 2024 Increase in YoY Same Prope
Slide 6: Crucial Long-Term Care Funding Updates
Crucial Long-Term Care Funding Updates In Q1, Sienna recognized one-time and The Ministry of Long-Term Care in Ontario retroactive government funding of also recently announced an extension of the Construction Funding $13.4M in Ontario Subsidy Top-Up of up to $35 per bed, per $13.6M in British
Slide 7: Ontario Long-Term Care Redevelopment Initiatives
Ontario Long-Term Care Redevelopment Initiatives Progressing well on development projects in Brantford and North Bay Moving forward with redevelopment of long- term care community in Keswick Construction start anticipated for Q4 2024 Anticipated development yield of 8.0% 100 Long-Term Care Commu
Slide 8: Steady Progress Towards Stabilized Retirement Occupancy
Steady Progress Towards Stabilized Retirement Occupancy +110 bps 88.1% Occupancy Increase since January 2024 Q1 2024 Retirement 88.5 88.4 88.9 88.2 88.2 88.2 88.3 Same Property Occupancy 88.1 87.9 87.9 87.8 87.7 87.8 87.6 87.4 87.4 87.4 87.2 87.3 87.1 86.7 86.7 86.8 86.6 86.7 3.0% 85.6 85.3 Increase
Slide 9: Continued Investments in Team Members
Continued Investments in Team Members Sienna’s share ownership and reward program, awarding company shares to permanent employees to recognize the dedication they bring to Sienna’s residents and communities LEARNING BITES Sienna’s “Learning Bites” program Allowing team members to share their provide
Slide 10: Operating & Financial Results
Operating & Financial Results
Slide 11: Q1 Operating Results
Q1 Operating Results Q1 2024 Q1 2023 Total Adjusted Revenue $239.4M $199.6M +19.9% Long-term care operations benefitting from significant one time and retroactive government funding, Total Net Operating Income $63.5M $36.3M higher preferred revenues, and (“NOI”) +74.9% reduced staffing agency costs
Slide 12: Q1 Funds From Operations
Q1 Funds From Operations Q1 2024 Q1 2023 OFFO benefitting form higher NOI, Operating Funds from $36.7M $18.4M including one-time and retroactive +99.1% Operations (“OFFO”) government funding $0.503 $0.253 AFFO increase as a result of higher OFFO per share +98.8% OFFO, offset partly by higher mainten
Slide 13: Strong Financial Position
Strong Financial Position 5.7 years Weighted Average Term to Maturity $303M Liquidity $246M Debt Maturities $207M $192M $1.0B Debentures Unsecured Series A $176M Debentures Unsecured Series B Unsecured Series C $136M Unencumbered Assets Debentures $58M 44.3% $7M Debt to Adjusted 2024 2025 2026 2027
Slide 14: Outlook
Outlook Retirement 2024 SP NOI Expected to grow in high-single digit percentage range Long-Term Care 2024 SP NOI Expected to grow in high-single digit percentage range* * excluding one-time and retroactive funding amounts of $23.7 million related to prior years 14
Slide 15: Living our Purpose: Cultivating Happiness in Daily Life
Living our Purpose Cultivating Happiness in Daily Life 15
Slide 16: Contact Information
Contact Information Sienna Senior Living Inc. David Hung siennaliving.ca Chief Financial Officer and Executive Vice President t: (905) 477-4006 t: (905) 489-0258 e: investors@siennaliving.ca e: david.hung@siennaliving.ca Nancy Webb Senior Vice President, Public Affairs & Marketing t: (905) 489-0788